Most consumers are well aware of the fact that their credit score is going to drastically impact the amount of interest that they are going to have to pay on a new or used auto loan, but few people realize that the car dealership may actually use their fico rating against them. Many experienced finance professionals that make their living by pushing expensive loans have become very successful in convincing car buyers that they will see what they can do with their preferred lenders. The unfortunate truth is that many individuals end up paying much more interest than necessary, but they do so because they are lead to believe that their financial history is to blame.
Any consumer that is going to be borrowing money needs to obtain a free credit score prior to the shopping process, and the information obtained can be worth its weight in gold. By being informed and well aware of the actual stability of an individuals credit rating, a consumer will be much better prepared for the negotiating process that will begin as soon as they set foot on the dealership’s property. If a finance guy starts to insinuate that a person may not be eligible for the better financing options offered, a wise consumer will have already obtained a free credit score and know whether there is any truth to the statement or not.
